Examlex
What factors determine the size of the price elasticity of demand?
Expansionary Gap
A situation in macroeconomics when aggregate output is above potential output, often leading to inflationary pressures.
Recessionary Gap
Describes a situation where the real GDP of an economy is less than its potential GDP, indicating underutilized resources and a sluggish economy.
Deflation
A decrease in the general price level of goods and services in an economy over a period of time, potentially leading to increased unemployment and slower economic growth.
Inflation
The pace of ascent in the general pricing for goods and services, eroding the capability to buy.
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